July 2015 Flash Report

Markets were guarded in July as investors navigated Greece’s third bailout deal, a plunging Chinese stock market, and renewed concerns about Puerto Rico. With US-led major world powers striking a historic nuclear deal with Iran that will ease oil export sanctions, energy markets anticipated significant supply increases applying downward price pressure to an already oversupplied oil market. Complicating matters, the Fed was less-than-hawkish after US second quarter GDP growth posted a 2.3% pace with only a slight pickup in inflation raising questions again about the timing of a rate “liftoff.”